Owner of Glendale's Seeley building files for bankruptcy

The owner of the recently removated Seeley Building, at Brand Boulevard and San Fernando Roa in Glendale, shown on Friday, July 5, 2013, has filed for bankruptcy.

The owner of the recently removated Seeley Building, at Brand Boulevard and San Fernando Roa in Glendale, shown on Friday, July 5, 2013, has filed for bankruptcy. (Raul Roa / Staff Photographer)

Daniel Siegal, daniel.siegal@latimes.com

The owner of the historic Seeley's building, which underwent six years of renovations before opening with office lofts about six months ago, has filed for Chapter 11 bankruptcy protection.

The building, located at 1800 S. Brand Blvd., was built in 1925 and underwent an Art Deco makeover in the 1940s for George Seeley and his furniture company. Later, the building's new owner, 1800 Brand Associates Ltd., spearheaded an $8 million restoration to convert it into 41 loft office units.

The building hosted a grand-opening celebration in September, but in April, 1800 Brand Associates Ltd., filed for Chapter 11 bankruptcy.

1800 Brand Associates Ltd., is run by Manuel Meza, president of real estate development firm Creative Environments of Hollywood.

Creative Environments owns other developments in Los Angeles such as the Cosmo Lofts in Hollywood and Westmoreland Lofts in Silver Lake.

According to court filings, 1800 Brand Associates Ltd. owes $12.7 million to Pasadena-based East West Bank for the mortgage on the property. Other creditors include commercial real estate firm BRC Advisors, which is owed $22,314, and lawyer Pamela Mozer, who is owed $49,050.

Attorney Robert Bass, who is representing Meza, did not respond to phone calls or an email on Friday.

East West's attorney, Elmer Dean Martin III, declined to comment on the case.

According to court documents, the bank was on the verge of foreclosing on the Seeley's building when Meza filed for bankruptcy protection, which allows companies to work with creditors, reorganize and develop a plan to pay them over time usually.

In fact, court records show that this is the fifth property since February 2012 where Meza, through Creative Environments of Hollywood, has filed for Chapter 11 bankruptcy before East West Bank could foreclose.

Regarding three of the other pieces of property, judges ruled against Meza, and the bank was able to foreclose, according to court documents. In another, the property was sold and the bank's claim was paid, records state.

According to court filings, Meza has until July 15 to file and serve his creditors with a statement of disclosure and a reorganization plan to keep his business alive and pay back the debts.